GT Bank Gets N30bn Debt Facility From IFC

Chairman, Guaranty Trust Bank Plc, Mr Oluwole Oduyemi, says the bank has received a debt facility proposal of 200 million dollars (N30 billion) from International Finance Corporation (IFC).

Oduyemi made this known on Thursday at the bank’s Extra Ordinary General Meeting in Lagos.

He said: “This comprises a 10-year debt facility of 170 million dollars (N25.5 billion) to support the bank’s general lending activities and 30 million dollars (N4.5 billion) as an equity investment in the GTB’s share capital”.

Oduyemi said that the bank also proposed divestment from the non-banking subsidiaries and increase in its share capital from N15 billion to N25 billion divided into 50 billion ordinary shares of 50 kobo each.

The chairman said that upon the completion of divestment, the bank would apply for the commercial banking licence with an international scope from the CBN.

He said that this would facilitate the continuation of its commercial banking operation both on national scale in Nigeria and through its offshore banking subsidiaries in West African sub-region and UK.